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Vol 21 No 9 Sept/Oct 2016

Book of the Month

Cover of Goode on Commercial Law

Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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Similarities and Differences: A Comparison of Current UK GAAP new UK GAAP 2nd ed (FRS 102) and IFRS

ISBN13: 9781780438313
Previous Edition ISBN: 9781780434643
Published: December 2015
Publisher: Bloomsbury Professional
Country of Publication: UK
Format: Paperback, A4
Price: £20.00

Low stock.

This publication provides a high level overview of the significant differences between current UK GAAP, new UK GAAP (FRS 102) and EU-adopted IFRS. It focuses on a selection of those differences most commonly found in practice.

When applying the individual accounting frameworks, companies should consult all of the relevant accounting standards and, where applicable, national law. This summary takes into account authoritative pronouncements issued under UK GAAP and IFRS published up to March 2014.

The executive summary aims to demonstrate how converting to new UK GAAP or IFRS has implications far beyond an entity's financial reporting function; to highlight some of the key differences between current UK GAAP and new UK GAAP and IFRS; and to encourage early consideration of the most appropriate framework to adopt going forward for your entity.

The second section provides a summary of the similarities and differences between the three frameworks and refers to subsequent sections where key divergences are highlighted.

Executive summary
Summary of key differences

1. Accounting rules and principles
Accounting framework
First-time adoption
Financial statements
Financial instruments
Foreign currencies

2. Income statement and related notes
Employee benefits
Share-based payments
Income taxes

3. Balance sheet and related notes
Intangible assets
Property, plant and equipment
Investment property
Impairment of assets
Provisions and contingencies
Events after the end of the reporting period

4. Consolidated and separate financial statements
Business combinations
Discontinued operations and assets held for sale
Investments in associates
Investments in joint ventures

5. Other subjects
Related party disclosures
Specialised activities